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Maseru
July 18, 2024
Business

BRICS SUMMIT BEGINS

Maseru, Aug. 22 — Tuesday August 22, the beginning of the long awaited three day BRICS Summit hosted by Lesotho’s neighboring country South Africa proceeded smoothly.

BRICS is an acronym for the powerful grouping of the world’s leading emerging market economies namely Brazil, Russia, India, China and South Africa. The BRICS mechanism aims to promote peace, security, development and cooperation.

In his opening remarks for the BRICS Business Forum, Mr. Ebrahim Patel, Minister of Trade and Industry South Africa said  54 African countries embarked in courageous steps to break from neo colonialism by building a continental free trade area that will bring together a market of 1.3 billion people and found a spare to African industrialization.

He said  Africa is no longer just a raw materials supplier saying that it is taking its place in the world as an innovator and industrializer.

“Meet the Africa, Africa of young people rapidly urbanizing digitally connected energetic Africa. We are pushing against the legacy of toxic colonization of 55 states divided by borders to a continent of 1.3 billion people. United in our resolve to act in a unified manner feminal view that legacy is not destiny,” he said.

He said  they should argue against trade and investment being with friends only but for global trade in investment architecture based on fairness.

He welcomed all visitors from outside the continent of Africa. “Welcome home to this place, a cradle of humankind, the birthplace of humanity, where stories of humans began, welcome back to the land of your ancestors you have been away for a long time,” he added.

On the other hand, Brazil’s Finance Minister Fernando Haddad said a tax reform that will restructure Brazil’s complex consumption taxes will be finalised this year.

“The reform, previously attempted by various administrations without success, is a key step in President Luiz Inacio Lula’s plan to boost economic growth,” he said.

Meanwhile, there are Basotho entrepreneurs participating in the business forum. While also the Prime Minister Mr. Ntsokoane Matekane is expected to take part in the summit.

Later in the afternoon today  there will be deliberations by Brics heads of state.

The summit which is the first since COVID-19 will end on Thursday this week.

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